Jul 2, 2011 3:00pm PDT
is embedded with u.s. troops in afghanistan when the taliban attack. we want to welcome our viewers in the united states and around the world. i'm wolf blitzer. you're in the situation room. a special gathering to tackle america's serious economic problems. key figures from government, business and academia came together this week in chicago for the clinton global might be difference america conference. the event was the brainchild of former president bill clinton. i sat down with him in chicago for a candid interview on the country's debt crisis, the 2012 presidential race, and much more. >> mr. president, thanks very much for joining us. good to be here. first time you've done this as far as the u.s. economy is concerned. normally it's global issues. and i want to get to that, but let's talk about some of the big issues right now. jobs, jobs, jobs. it's a crisis, a game of chicken going on in washington right now between the president, the did democrats on one side, republican leadership on the other side. how big of a deal is this august 2nd deadline for raising the debt ceiling?
Jul 30, 2011 3:00pm PDT
of that part of the savings that the majority leader reid hopes to get is from the war in afghanistan and iraq beginning to wind down. and the cbo has looked at that and said there's a trillion worth of savings that's not real savings because everybody knows the war will wind down. when you look at it as i see it harry reid's proposal is about $950 billion worth of savings. john boehner is $917. quite similar. not the 2.2 or 2.4 that's being talked about. so we do have to do more in term of the immediate cuts in order to extend it for the period of time the president would like. the alternative is this two step process. a trillion dollars now and then have this special committee that would meet and report by the end of november and then there would be additional savings under the boehner proposal. that's almost $2 trillion additional savings, 1.1 trillion. >> the president says he doesn't want to have another formal vote next year and put the country through this ordeal once again right in the middle of elections. he has a point there, right? >> well, wolf, he doesn't have much a point of putt